Oil bulls eye a breakout above $82.55 to extend gains toward $83.00–$83.50 after a 4.5% advance in three sessions.
Crude oil futures hover near $82.40 after climbing $3.55, or 4.5%, from $78.85 since August 9. The contract reversed sharply from a low of $77.79 on August 10, reaching $82.55 on August 11, but remains below key resistance at $82.55.
The rally accelerated above $80 on August 10, with a $2.59 gain on volume of 91,965. The highest-volume 30-minute bar closed at $80.86, reinforcing the breakout’s strength. Support is seen at $81.90–$82.00, while a close above $82.55 could target $83.00 and $83.40–$83.50.
Consolidation near the highs suggests buyers are holding momentum, though confirmation of the next leg higher depends on clearing $82.55.